Enovix (NASDAQ:ENVX) Upgraded to “Strong-Buy” at B. Riley

B. Riley upgraded shares of Enovix (NASDAQ:ENVX) to a strong-buy rating in a research report report published on Tuesday morning, Zacks.com reports.

Several other research analysts also recently issued reports on ENVX. Craig Hallum lowered their price target on shares of Enovix from $20.00 to $15.00 and set a buy rating for the company in a report on Thursday, May 2nd. William Blair restated an outperform rating on shares of Enovix in a research report on Thursday, May 2nd. JPMorgan Chase & Co. dropped their target price on Enovix from $18.00 to $12.00 and set an overweight rating for the company in a research report on Friday, April 26th. Finally, Cantor Fitzgerald restated an overweight rating and set a $30.00 price target on shares of Enovix in a report on Thursday, April 25th. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of Buy and a consensus target price of $18.33.

Enovix Price Performance

Shares of ENVX stock opened at $15.69 on Tuesday. The business has a fifty day simple moving average of $10.17 and a 200 day simple moving average of $10.12. The company has a market cap of $2.67 billion, a P/E ratio of -11.71 and a beta of 1.95. The company has a quick ratio of 4.77, a current ratio of 4.89 and a debt-to-equity ratio of 0.72. Enovix has a twelve month low of $5.70 and a twelve month high of $23.90.

Enovix (NASDAQ:ENVX) last issued its earnings results on Wednesday, May 1st. The company reported ($0.39) EPS for the quarter, missing the consensus estimate of ($0.34) by ($0.05). The business had revenue of $5.27 million for the quarter, compared to analyst estimates of $4.16 million. Enovix had a negative return on equity of 85.47% and a negative net margin of 1,448.90%. On average, sell-side analysts forecast that Enovix will post -1.15 EPS for the current fiscal year.

Insider Transactions at Enovix

In other news, COO Ajay Marathe sold 4,954 shares of the business’s stock in a transaction that occurred on Sunday, April 14th. The shares were sold at an average price of $7.31, for a total value of $36,213.74. Following the transaction, the chief operating officer now owns 978,913 shares in the company, valued at approximately $7,155,854.03. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Gregory Reichow sold 7,500 shares of the company’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $12.14, for a total transaction of $91,050.00. Following the sale, the director now owns 8,129 shares in the company, valued at approximately $98,686.06. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Ajay Marathe sold 4,954 shares of the business’s stock in a transaction on Sunday, April 14th. The shares were sold at an average price of $7.31, for a total transaction of $36,213.74. Following the transaction, the chief operating officer now owns 978,913 shares in the company, valued at approximately $7,155,854.03. The disclosure for this sale can be found here. 17.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Enovix

A number of institutional investors and hedge funds have recently made changes to their positions in ENVX. Beacon Capital Management LLC grew its position in Enovix by 66.7% in the 4th quarter. Beacon Capital Management LLC now owns 2,500 shares of the company’s stock valued at $31,000 after purchasing an additional 1,000 shares during the period. Able Wealth Management LLC bought a new stake in shares of Enovix during the fourth quarter worth about $34,000. Quest Partners LLC acquired a new stake in shares of Enovix in the 4th quarter worth about $49,000. Voisard Asset Management Group Inc. bought a new position in Enovix in the 4th quarter valued at about $50,000. Finally, Game Plan Financial Advisors LLC boosted its stake in Enovix by 65.2% during the 1st quarter. Game Plan Financial Advisors LLC now owns 10,135 shares of the company’s stock valued at $81,000 after purchasing an additional 4,000 shares during the last quarter. Institutional investors own 50.92% of the company’s stock.

Enovix Company Profile

Enovix Corporation designs, develops, and manufactures lithium-ion batteries. It serves wearables and IoT, smartphone, laptops and tablets, industrial and medical, and electric vehicles industries. The company was founded in 2007 and is headquartered in Fremont, California.